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A person borrowed Rs 16,000 from a bank at 12.5 % per annum simple interest
and lent the whole amount to a shopkeeper at the same rate of compound interest.
How much will he gain after 3 years?
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Answer:
ANSWER
Amount to be paid by Amit:
SI=
100
PRT
=16000×17.5×
100
2
=Rs5600
Amount gained by Amit:
A=P(1+
100
R
)
n
A=16000(1+
100
17.5
)
2
A=50000(1.175)
2
A= Rs 22090
We know that:
CI=A–P= Rs 22090– Rs 16000= Rs 6090
Amit’s gain in the whole transaction = Rs 6090– Rs 5600= Rs 490
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